(MENAFN - Arab News) he general assembly of the Saudi Vitrified Clay Pipe Co. (SVCP) has approved the proposal of its Board of Directors to distribute SR5 per share in dividends among shareholders for the year 2011. SVC had already distributed SR4 per share for the last year. Following the general assembly decision, distribution of the remaining SR1 per share will start effective April 15, and this will be through Riyad Bank, according to a Tadawul statement.
The eligibility of the distribution of dividends will be for shareholders who are listed in Tadawul's Shareholders Register by the end of last Wednesday, when the general assembly met at Marriott Hotel, Riyadh. SVCP's board meeting, held on the same day, has approved distribution of SR18.75 million (SR1.25 per share) in dividends for the first quarter of 2012. The Q1 dividends represent 12.5 percent of the company's capital.
The general assembly endorsed the company's new general budget and profit and loss statement for the financial year ending on Dec. 31, 2011. It has also approved the audit report for the last financial year. The assembly decided to re-appoint the legal accountant nominated by Ernst & Young for auditing financial report for the year 2012.
It is noteworthy that the Riyadh-based SVCP was established in 1977 to manufacture friendly environment products for the domestic market. The factory, which produces vitrified clay pipes & fittings, started with an annual capacity of 24,000 tons, and that increased to 45,000 tons in 1984 and then it reached 100,000 tons since 2001.
SVCP has continuously grown up in the international markets, starting from G.C.C to Arab world markets, moving East toward Far East markets & West to European markets. SVCP is an ISO 9001 certified company since 1998. It is a public share company since 2007, listed on the Saudi stock exchange.